Silicon Laboratories Inc 8-K, filed Apr 1, 2020
Silicon Laboratories Inc. (SLAB)
About this 8-K
Silicon Laboratories Inc filed this 8-K on April 1, 2020, reporting on events of March 27, 2020.
Items reported
- Item 2.03: New debt or off-balance-sheet obligation
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
As previously disclosed, on August 7, 2019, Silicon Laboratories Inc. and certain of its domestic subsidiaries (collectively, the “Company”) entered into the Third Amendment to Credit Agreement (the “Amended Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, and a syndicate of lenders. The Amended Credit Agreement consists of a $400 million revolving credit facility with a maturity date of August 7, 2024. The material terms of the Amended Credit Facility are described under “Note 10 - Debt” of the Notes to Consolidated Financial Statements for the Company which is included in our Annual Report on Form 10-K for the fiscal year ended December 28, 2019, filed with the Securities and Exchange Commission on January 29, 2020, and which description is incorporated herein by reference.
On March 27, 2020, the Company provided notice to Wells Fargo to borrow $310 million under the Amended Credit Agreement. The Company increased its borrowings as a precautionary measure in order to increase its cash position and preserve financial flexibility in light of current uncertainty in the global markets resulting from the novel coronavirus outbreak. The proceeds borrowed will be available to be used for general corporate purposes as permitted by the Amended Credit Agreement and/or to finance all or a portion of the purchase price payable in connection with the Asset Purchase Agreement entered into with Redpine Signals, Inc. on March 11, 2020.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SILICON LABORATORIES INC. | ||
| April 1, 2020 | /s/ John C. Hollister | |
| Date | John C. Hollister Senior Vice President and Chief Financial Officer (Principal Financial Officer) |